C&C Confirms No Further Takeover Offers For Spirit Pub

Alliance News
  • January 6th, 15:11
  • Last Updated: October 10th, 12:27

**C&C Confirms No Further Takeover Offers For Spirit Pub**

LONDON (Alliance News) – Irish drinks company C&C Group PLC Tuesday officially pulled out of any further potential takeover offers for Spirit Pub Company PLC, confirming that it does not intend to proceed with an offer for the pub company.

C&C, the brewer of Irish cider brands and Magners, made the announcement following a takeover deadline. In a statement, C&C said a combination with Spirit “no longer meets the group’s risk adjusted return criteria”.
Back in November, C&C’s approach for Spirit Pub was rejected in favour of a rival offer from Greene King PLC.
Under the Spirit Pub and Greene King deal, Spirit shareholders will get 0.1322 new Greene King shares per Spirit share, plus 8 pence per share in cash payable by Spirit in dividends.
C&C shares were trading 1.8% higher Tuesday afternoon at EUR3.75 per share.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
Copyright 2015 Alliance News Limited. All Rights Reserved.

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